229.830(4)
(4) Limitation on bonds secured by a special debt service reserve fund. A district shall accumulate in each special debt service reserve fund an amount equal to the special debt service reserve fund requirement under sub.
(5) for the special debt service reserve fund. A district may not at any time issue bonds secured in whole or in part by a special debt service reserve fund if upon the issuance of these bonds the amount in the special debt service reserve fund will be less than the special debt service reserve fund requirement under sub.
(5) for the special debt service reserve fund.
229.830(5)
(5) Special debt service reserve fund requirement. The special debt service reserve fund requirement for a special debt service reserve fund, as of any particular date of computation, is equal to an amount of money, as provided in the bond resolution authorizing the bonds with respect to which the special debt service reserve fund is established, that may not exceed the maximum annual debt service on the bonds of the district for the fiscal year in which the computation is made or any future fiscal year of the district secured in whole or in part by that special debt service reserve fund. In computing the annual debt service for any fiscal year, bonds deemed to have been paid in accordance with the defeasance provisions of the bond resolution authorizing the issuance of the bonds shall not be included in bonds outstanding on the date of computation. The annual debt service for any fiscal year is the amount of money equal to the aggregate of all of the following calculated on the assumption that the bonds will, after the date of computation, cease to be outstanding by reason, but only by reason, of the payment of bonds when due, and the payment when due, and application in accordance with the bond resolution authorizing those bonds, of all of the sinking fund payments payable at or after the date of computation:
229.830(5)(a)
(a) All interest payable during the fiscal year on all bonds that are secured in whole or in part by the special debt service reserve fund and that are outstanding on the date of computation.
229.830(5)(b)
(b) The principal amount of all of the bonds that are secured in whole or in part by the special debt service reserve fund, are outstanding on the date of computation and mature during the fiscal year.
229.830(5)(c)
(c) All amounts specified in bond resolutions of the district authorizing any of the bonds that are secured in whole or in part by the special debt service reserve fund to be payable during the fiscal year as a sinking fund payment with respect to any of the bonds that mature after the fiscal year.
229.830(6)
(6) Valuation of securities. In computing the amount of a special debt service reserve fund for the purposes of this section, securities in which all or a portion of the special debt service reserve fund is invested shall be valued at par, or, if purchased at less than par, at their cost to the district.
229.830(7)
(7) State moral obligation pledge. If at any time of valuation the special debt service reserve fund requirement under sub.
(5) for a special debt service reserve fund exceeds the amount of moneys in the special debt service reserve fund, the district board shall certify to the secretary of administration, the governor, the joint committee on finance and the governing body of the county in the district the amount necessary to restore the special debt service reserve fund to an amount equal to the special debt service reserve fund requirement under sub.
(5) for the special debt service reserve fund. If this certification is received by the secretary of administration in an even-numbered year prior to the completion of the budget compilation under s.
16.43, the secretary shall include the certified amount in the budget compilation. In any case, the joint committee on finance shall introduce in either house, in bill form, an appropriation of the amount so certified to the appropriate special debt service reserve fund of the district. Recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that, if ever called upon to do so, it shall make this appropriation.
229.830(8)
(8) Information to joint committee on finance. The district shall provide to the cochairpersons of the joint committee on finance information concerning the district's projected cashflows and security features underlying each issuance of bonds under this subchapter.
229.830 History
History: 1999 a. 167;
2001 a. 38.
229.831
229.831
Bonds not public debt. 229.831(1)(1)
The state and the county and municipalities located wholly or partly within the district's jurisdiction are not liable on bonds and the bonds are not a debt of the state or the county or any municipality located wholly or partly within the district. All bonds shall contain a statement to this effect on the face of the bond. A bond issue does not, directly or indirectly or contingently, obligate the state or a political subdivision of the state to levy any tax or make any appropriation for payment of the bonds.
229.831(2)
(2) Nothing in this subchapter authorizes a district to create a debt of the state or the county or any municipality located wholly or partly within the district's jurisdiction, and all bonds issued by a district are payable, and shall state that they are payable, solely from the funds pledged for their payment in accordance with the bond resolution authorizing their issuance or in any trust indenture or mortgage or deed of trust executed as security for the bonds. Neither the state nor the county or any such municipality is liable for the payment of the principal of or interest on a bond or for the performance of any pledge, mortgage, obligation or agreement that may be undertaken by a district. The breach of any pledge, mortgage, obligation or agreement undertaken by a district does not impose pecuniary liability upon the state or the county or any such municipality in the district's jurisdiction or a charge upon its general credit or against its taxing power.
229.831(3)
(3) Bonds issued by the district may be secured only by the district's interest in any football stadium facilities, by income from these facilities, by proceeds of bonds issued by the district and by other amounts placed in a special redemption fund and investment earnings on such amounts, including any taxes imposed by the district under subch.
V of ch. 77. The district may not pledge its full faith and credit on the bonds and the bonds are not a general obligation liability of the district.
229.831 History
History: 1999 a. 167.
229.832
229.832
State pledge. The state pledges to and agrees with the bondholders, and persons that enter into contracts with a district under this subchapter, that the state will not limit or alter the rights and powers vested in a district by this subchapter, including the rights and powers under s.
229.824 (15), before the district has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with a district.
229.832 History
History: 1999 a. 167.
229.833
229.833
Trust funds. All moneys received under this subchapter, whether as proceeds from the sale of bonds or from any other source, are trust funds to be held and applied solely as provided in this subchapter. Any officer with whom, or any bank or trust company with which, those moneys are deposited shall act as trustee of those moneys and shall hold and apply the moneys for the purposes of this subchapter, subject to this subchapter and the bond resolution authorizing issuance of the bonds.
229.833 History
History: 1999 a. 167.
229.834
229.834
Budgets; rates and charges; audit. A district shall adopt a calendar year as its fiscal year for accounting purposes. The district board shall annually prepare a budget for the district. Rates and other charges received by the district shall be used for the general expenses and capital expenditures of the district and to pay interest, amortization, and retirement charges on bonds. A district shall maintain an accounting system in accordance with generally accepted accounting principles and shall have its financial statements and debt covenants audited annually by an independent certified public accountant.
229.834 History
History: 1999 a. 167.
LOCAL CULTURAL ARTS DISTRICTS
229.840
229.840
Legislative declaration. 229.840(1)(1)
The legislature determines that this subchapter serves a statewide public purpose by assisting the development of cultural arts facilities in the state, which provide educational and recreational opportunities for Wisconsin residents, by enhancing the appreciation of the arts among the states' residents, by encouraging economic development and tourism, by reducing unemployment and by bringing needed capital into the state for the benefit and welfare of people throughout the state.
229.840(2)
(2) The legislature determines that cultural arts districts in populous cities serve a public purpose in those cities by providing educational and recreational opportunities for residents of those cities, by enhancing the appreciation of the arts among the residents of those cities, by encouraging economic development and tourism, by reducing unemployment and by bringing needed capital into those cities for the benefit and welfare of people in those cities.
229.840 History
History: 1999 a. 65.
229.841
229.841
Definitions. In this subchapter:
229.841(1)
(1) “Bond" means any bond, note or other obligation issued under s.
66.0621 by a district.
229.841(2)
(2) “Bond resolution" means a resolution of the district board authorizing the issuance of, or providing terms and conditions related to, bonds and includes, where appropriate, any trust agreement, trust indenture, indenture of mortgage or deed of trust providing terms and conditions for bonds.
229.841(3)
(3) “County executive" means the county executive or, if the county does not have a county executive, the chairperson of the county board of supervisors, of the county in which the sponsoring city is located. If a sponsoring city is located in more than one county, the city shall be considered to be located solely in the county in which the greatest percentage of its territory is located at the time a district is created.
229.841(4)
(4) “Cultural arts activity" means any performance, program, concert, exhibit, show, broadcast or other activity with any artistic or cultural significance, or any related or incidental activity.
229.841(5)
(5) “Cultural arts facilities" means district property, tangible or intangible, owned in whole or in part, operated or leased by a district that is principally for a cultural arts activity including auditoriums, music halls, exhibit halls, theaters, practice facilities, dressing rooms, parking lots, garages, restaurants, concession facilities, entertainment facilities, transportation facilities and other functionally related or auxiliary facilities or structures.
229.841(6)
(6) “District" means a district created under this subchapter.
229.841(7)
(7) “District board" means the governing board of a district.
229.841(8)
(8) “Mayor" means the mayor of a sponsoring city.
229.841(9)
(9) “Populous city" means any city with a population of more than 150,000.
229.841(10)
(10) “Sponsoring city" means a populous city that creates a district under this subchapter.
229.841 History
History: 1999 a. 65,
186.
229.842
229.842
Creation and organization. 229.842(1)(1)
A sponsoring city may create a special purpose district that is a local governmental unit, that is a body corporate and politic, that is separate and distinct from, and independent of, the state and the sponsoring city, that has the powers under s.
229.844 and the name of which includes “Cultural Arts District", if all of the following occur:
229.842(1)(a)
(a) The mayor issues a written proclamation declaring the need for establishing a district.
229.842(1)(b)
(b) The sponsoring city's common council adopts a resolution that approves the mayor's proclamation, and delivers a copy of the resolution to the governor. The resolution under this paragraph may contain a procedure that the mayor must follow in appointing persons to the board under sub.
(2) (c).
229.842(1)(c)
(c) If the sponsoring city is not a 1st class city, the resolution under par.
(b) specifies the area of the district's jurisdiction, as described in s.
229.843 (1), within which the district board may exercise its power of eminent domain.
229.842(2)
(2) A district is governed by its district board. If the sponsoring city is a 1st class city, sub.
(4) applies but pars.
(a) to
(d) and sub.
(3) do not apply and the 1st class city's common council shall determine the membership, structure, qualifications and selection procedures for the district board. If the sponsoring city is not a 1st class city, the district board shall consist of the following members, subject to sub.
(4):
229.842(2)(a)
(a) The following persons, or their designees, shall be ex-officio members of the board, except that a designee serves at the pleasure of his or her appointing authority:
229.842(2)(b)
(b) Three persons appointed by the governor, one of whom shall be selected from a list of 3 to 5 names that is submitted by the Board of Regents of the University of Wisconsin System. Of the remaining 2 appointees under this paragraph, at least one of the appointees shall have a demonstrated interest in cultural arts activities and one of the appointees may be an elective state official. A person appointed under this paragraph may take his or her seat immediately upon appointment and qualification.
229.842(2)(c)
(c) Subject to sub.
(1) (b), 6 persons appointed by the mayor, one of whom shall be selected from a list of 3 to 5 names that is submitted by the school board of the school district in which the greatest percentage of the sponsoring city's territory is located. Of the remaining 5 appointees under this paragraph, at least 2 of the appointees shall have a demonstrated interest in cultural arts activities and not more than 3 of the appointees may be elective city officials. A person appointed under this paragraph may take his or her seat immediately upon appointment and qualification, subject to any procedures specified by the common council under sub.
(1) (b).
229.842(2)(d)
(d) One person appointed by the county executive, who may not be a county official. A person appointed under this paragraph may take his or her seat immediately upon appointment and qualification.
229.842(3)(a)(a) The persons appointed under sub.
(2) (b) to
(d) shall serve staggered terms of 4 years expiring on July 1, except that:
229.842(3)(a)1.
1. The initial term of the director appointed by the county executive shall expire on July 1 of the 3rd year beginning after the year of creation of a district.
229.842(3)(a)2.
2. The initial term of one director appointed by the governor and 2 directors appointed by the mayor shall expire on July 1 of the 4th year beginning after the year of creation of a district.
229.842(3)(a)3.
3. The initial term of one director appointed by the governor and 2 directors appointed by the mayor shall expire on July 1 of the 5th year beginning after the year of creation of a district.
229.842(3)(a)4.
4. The initial term of one director appointed by the governor and 2 directors appointed by the mayor shall expire on July 1 of the 6th year beginning after the year of creation of a district.
229.842(3)(b)
(b) The governor and mayor shall each designate with their initial appointments the terms to which directors have been appointed.
229.842(3)(c)
(c) Persons appointed under sub.
(2) (b) to
(d) must have resided within 25 miles of the sponsoring city's city hall for at least one year before their appointment. Persons appointed under sub.
(2) (b) to
(d) may be removed from the district board before the expiration of their terms by the appointing authority but only for cause, as defined in s.
17.001. Vacancies shall be filled by the appointing authority who appointed the person whose office is vacant. A person appointed to fill a vacancy under sub.
(2) (b) to
(d) shall serve for the remainder of the unexpired term to which he or she is appointed. The appointing authorities shall confer with one another regarding their appointments with a view toward achieving diversity on the district board.
229.842(4)
(4) If the sponsoring city's common council determines that another city or a village or town having territory located within 25 miles of the sponsoring city's city hall provides substantial support to the district, the council may increase the size of the district board to include as a member the mayor, village president or town board chair of that city, village or town, or the designee of such a mayor, village president or town board chair. If the sponsoring city's common council subsequently determines that the other city or the village or town no longer provides substantial support to the district, the council may decrease the size of the district board to exclude that member.
229.842(5)
(5) The district board shall elect from its membership a chairperson, a vice chairperson, a secretary and a treasurer. A majority of the current membership of the district board constitutes a quorum to do business. The district may take action based on the affirmative vote of a majority of those members of the district board who are present at a meeting of the district board.
229.842(6)
(6) The members of the district board shall be reimbursed by the district for their actual and necessary expenses incurred in the performance of their duties.
229.842(7)
(7) Upon the appointment and qualification of at least 7 of the members of a district board, the district board may exercise the powers and duties of a district board under this subchapter.
229.842(8)
(8) At its first meeting, the district board shall name the district, and the name shall include “Cultural Arts District".
229.842 History
History: 1999 a. 65;
2001 a. 103.
229.843(1)(1)
Except as provided under s.
229.844 (4) (c), a district's jurisdiction shall be the boundaries of the sponsoring city.
229.843(2)
(2) A district's jurisdiction and powers remain in effect even if the sponsoring city, after the creation of the district, is no longer a populous city.
229.843 History
History: 1999 a. 65.
229.844
229.844
Powers of a district. A district has all of the powers necessary or convenient to carry out the purposes and provisions of this subchapter. In addition to all other powers granted by this subchapter, a district may do all of the following:
229.844(1)
(1) Adopt bylaws to govern the district's activities, subject to this subchapter.
229.844(2)
(2) Sue and be sued in its own name, plead and be impleaded.
229.844(4)
(4) In connection with cultural arts facilities or in support of any cultural arts activity:
229.844(4)(a)
(a) Acquire, construct, equip, maintain, improve, operate and manage the cultural arts facilities as a revenue-generating enterprise or otherwise, or engage other persons to do these things.
229.844(4)(b)
(b) Acquire; lease, as lessor or lessee; use; or transfer property within or outside of the district's jurisdiction.
229.844(4)(c)1.1. If the district's sponsoring city is not a 1st class city, acquire property by condemnation, subject to the limits specified in the resolution under s.
229.842 (1) (c) or the ordinance or resolution under s.
229.846 (6).
229.844(4)(c)2.
2. If the district's sponsoring city is a 1st class city, request the 1st class city's redevelopment authority, created under s.
66.1333 (3) (a) 3., to condemn property on behalf of the district.
229.844(4)(d)
(d) Enter into contracts, subject to such standards as may be established by the district board. The district board may award any such contract for any combination or division of work it designates and may consider any factors in awarding a contract, including price, time for completion of work and qualifications and past performance of a contractor.
229.844(5)
(5) Employ personnel, and fix and regulate their compensation; and provide, either directly or subject to an agreement under s.
66.0301 as a participant in a benefit plan of another governmental entity, other than a benefit plan provided under ch.
40, any employee benefits, including an employee pension plan.
229.844(6)
(6) Purchase insurance, establish and administer a plan of self-insurance or, subject to an agreement with another governmental entity under s.
66.0301, participate in a governmental plan of insurance or self-insurance, other than a plan provided under ch.
40.
229.844(7)
(7) Mortgage, pledge or otherwise encumber the district's revenue, property or funds.
229.844(8)(a)(a) Issue revenue bonds under s.
66.0621, subject to ss.
229.849 to
229.853, and enter into agreements related to the issuance of bonds by the district or, for purposes related to the district, by a community development authority created under s.
66.1335, including liquidity and credit facilities, remarketing agreements, insurance policies, guaranty agreements, letter of credit or reimbursement agreements, indexing agreements, interest exchange agreements and currency exchange agreements.
229.844(8)(b)
(b) Contract short term obligations, and pledge the full faith and credit of the district for repayment of those obligations.
229.844(8)(c)
(c) No director, employee of the district nor any other person executing any agreements with respect to any bonds or other obligations under this subsection is personally liable on the obligations or subject to any personal liability or accountability by reason of the issuance of such obligations.
229.844(9)
(9) Maintain funds and invest the funds in any investment that the district board considers appropriate.
